The Treasury Department sent a report to Congress in December, reporting the FY05 federal deficit on an accrual basis as being $760 billion, a far higher number than $319 billion, which is what is generally accepted as the deficit level for FY05. The $319 billion number uses the government's accepted barometer of cash outlays versus revenues, while the $760 billion number takes into account accrued benefits owed to veterans and federal employees. Rep. Jim Cooper (D-TN), a member of the Blue Dog Coalition, said:

Here is more information on the bill which came out of the Senate Rules Committee yesterday, the Legislative Transparency and Accountability Act of 2006:

• The bill
• Bill summary

Buried deep within the budget reconciliation bill are billions of dollars worth of tax subsidies. As this article points out, the subsidies do not come from oil, but from "the marketing of a dubious concoction of synthetic fuel produced from coal and dependent on government tax credits tied to the price of oil." Specificallyy, the bill reverts the price of a barrel of crude oil back to the amount it sold for two years ago. This "pretend price" benefits a small group of politically well connected investors and companies. CNN.com: A Magic Way to Make Billions

Today, Secretary Treasury John Snow sent a letter to Finance Committee Chairman (and tax bill conferee) Charles Grassley (R-IA) and Ways and Means Chairman Bill Thomas (R-CA) stating "the Administration's strong support for the extension... of dividends and capital gains tax relief included in the House-passed bill." Both Grassley and Thomas are known to be in favor of this extension as well.